The market animal in King and his team would have known what many others didn’t; this had the potential to be the deal of a lifetime.
That is enough to explain why Regal always has a hint of being on the edgy side of the investing game. And this is, after all, a man who runs a hedge fund, an investment style where taking big bets swiftly and quickly assessing risk is part of the day’s trade.
The joint venture BPEA EQT will put up most of the money for Perpetual; the $30 a share bid values the trust business at roughly $1.1 billion, and the fund management business about $660 million. Analysts are tipping the consortium will need to offer more to get its required four weeks of due diligence, but a first bid is often just that – an opening offer.Timing was also dictated by some external diary dates – top of the list being the upcoming Pendal vote on the $2.5 billion Perpetual offer.
Of course, there are more fund managers to win over than the domestic team at Perpetual, and it’s unclear how well – if at all – the Regal team knows the international managers who may be uncertain what the attraction of moving to Regal could be.Buying a big funds manager is a clear fit with Regal’s longer-term strategy: putting together a business where it is about more than one man, and there are multiple options for succession.
For its offshore divisions – including ESG investor Trillium and US-based Barrow Hanley, which the group bought for $320 million in July 2020 – expenses were $165.9 million, boosted by building global distribution capability.
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